BoD Composition

The supreme body of Piraeus Bank is the General Meeting of Shareholders, which elects the Bank's Board of Directors to manage and legally represent it judicially and extra-judicially. The current Board is composed of 13 members, including the representative of the Hellenic Financial Stability Fund, in accordance with the provisions of Law 3864/2010, as well as the required as per Greek Law, international experts as independent non-executive members. The Board of Directors consists of Executive and non-Executive members. Executive members shall be those engaged in the daily management issues of the Bank; non-executive member shall be those entrusted with the promotion of corporate affairs. Five of the non-executive members shall also be independent, i.e. they are not in any way dependent on the Bank, as defined by law.

The foremost obligation and duty of the Board members is to constantly seek to enhance the long-term financial value of the company and advocate the general corporate interest. The Board members, as well as any third party entrusted with competencies of the Board, are prohibited to pursue own interests contrary to those of the Bank.

The independent members of the Board may, severally or jointly, submit different reports and accounts from those of the Board to the ordinary or extraordinary General Meeting of the Bank, as required.

The mandate of the Board of Directors is 3 years, and its members are announced at the General Meeting of Shareholders. The latter validates any resignation or replacement of Board members during any accounting period. The members of the Board may always be re-elected. The Board of Directors meets at least once a month following an invitation of the Chairman; during the meetings minutes are kept which are signed by the Chairman or the Vice-Chairman or the Managing or Executive director, appointed for that purpose by a Board resolution, and by the Secretary of the Board. The Board members are allowed to receive a fee which is defined by special resolution of the ordinary General Meeting.